Nevgold Intercepts 0.72 G/T Au over 79.3 Meters from 10 Meters Depth Including 2.32 G/T Au over 13.4 Meters from 26 Meters Depth at Nutmeg Mountain
NEVGOLD INTERCEPTS 0.72 G/T AU OVER 79.3 METERS FROM 10 METERS
DEPTH INCLUDING 2.32 G/T AU OVER 13.4 METERS FROM 26 METERS DEPTH
AT NUTMEG MOUNTAIN
News Release Video: NevGold completed a short video to explain the drill results which can be seen here.
Vancouver, British Columbia – April 1 3, 202 3 – NevGold Corp. (“NevGold” or the “Company”)
(TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce high-grade, heap-leach gold
results intercepted from surface at the Nutmeg Mountain gold project (the “ Project”, “ Nutmeg
Mountain”) in Idaho. The Project hosts a 2020 mineral resource estimate of 910,000 Indicated ounces of
gold (43.5 Mt @ 0.65 g/t Au) , and 160,000 Inferred ounces of gold (9.1 Mt @ 0.56 g/t Au) (see Note 1).
The initial drill results highlight the potential grade upside and growth potential for the resource which
begins at surface and requires minimal stripping. The drill program is advancing on schedule and on budget,
and drill results will be continuously released over the coming months.
Key Highlights
• High-Grade, Heap-Leachable Gold Intercepted from Surface: the Company intercepted 0.72
g/t Au over 79.3 meters from 10.4 meters depth (heap-leachable), including 2.32 g/t Au over
13.4 meters from 25.6 meters depth (heap-leachable) (Hole NMD0003), and 0.56 g/t Au over
23.9 meters from 24.1 meters depth, including 0.89 g/t Au over 11.4 meters from 25.6 meters depth
with 4.33 g/t Au intercepted near the bottom of the hole (Hole NMD0001, hole was lost in
mineralization). The mineralization starts at surface with minimal stripping required, and exhibits
positive, heap-leach characteristics with both free gold and oxidized material. (Figure 1)
• High-Grade Potential at Depth: Hole NMD0003 intercepted multiple, large, vein/breccia zones
at 251 meters and 469 meters depth, with assays pending, in an entirely untested area of the
Project. (Figure 1, Figure 4, Figure 5) The average historical hole depth at the Project is only 75
meters, and the Company sees significant resource expansion potential at depth . Hole NMD0003
intercepted a material structure that will require follow up drilling as the quartz textures seen in
the core indicate a potential high-grade feeder structure is present at depth.
• Open, Near-Surface Mineralization Along Strike: a large step-out 140 meters from the nearest
drill collar intercepted significant anomalous mineralization starting at 4.6 meters depth and
extending to 93.6 meters depth with grades up to 0.43 g/t Au. (Hole NMD0002) Mineralization is
open in all directions and further drillholes are planned in this area to test additional targets
identified by geochemical and geophysical data previously collected at the Project.
• Current Drill Program Update: the drill program is tracking according to schedule and budget,
and drill results will be continuously released over the coming months.
NevGold CEO, Brandon Bonifacio, comments: “The initial results from our inaugural drill program at
Nutmeg Mountain highlight the exceptional at-surface, heap-leachable gold mineralization at the project.
It is very exciting to see thick intercepts of gold starting at surface at a project that boasts a 2020 resource
of 910,000 Indicated ounces of gold and 160,000 Inferred ounces of gold (Note 1). We see significant upside
potential from a size and grade standpoint with over 100 vertical meters of resource potential outside of
the US$1500/oz Au pit shell used in the 2020 resource (Figure 1). A lot of the material drilled at the project
is higher grade with lower strip ratio than many open-pit, heap-leach gold projects that are either in
operations or the development phase in the Western US A. We remain focused on daylighting the value of
Nutmeg Mountain by drilling the project with the goal of advancing to a multi -million ounce heap-leach
gold resource.”
NevGold VP Exploration, Derick Unger, comments: “Our first drillholes at Nutmeg Mountain exceeded
our expectations and demonstrate that the project hosts a strong , continuous gold system that starts
essentially at surface. Additionally, this drilling has identified new potential feeder structures at depth that
have high-grade potential. It is a lso noteworthy that this is the first drill program on the project to use
oriented core, a technology that is essential to understanding the structures that control the gold
mineralization. We are excited to leverage this new oriented core data an d our understanding of the
stratigraphy to continue to quickly add gold resource ounces. We have completed subsequent drilling and
eagerly await further assays from the current drill program.”
Drill Results
Hole ID Length, m* g/t Au From, m To, m Comment
NMD0001 23.9 0.56 24.1 48.0 hole terminated in mineralization
including 11.4 0.89 25.6 37.0
NMD0001a 53.3 0.20 29.0 82.3 poor core recovery
NMD0001a 24.2 0.28 135.2 159.4 poor core recovery
NMD0002 10.0 0.16 4.8 14.8 intercepted up to 0.43 g/t Au down to 93.6m
NMD0003 79.3 0.72 10.4 89.6
including 13.4 2.32 25.6 39.0
including 11.0 pending 251.3 262.3 assays pending, hydrothermal vein-breccia
including 7.6 pending 469.1 476.7 assays pending, hydrothermal vein-breccia
* Downhole thickness reported; true width varies depending on drill hole dip and is approximately 70% to 90% of downhole
thickness. All holes were completed with core drilling. Any apparent errors in arithmetic are due to rounding.
Figure 1 – Cross-section looking northeast through Nutmeg Mountain with US$1500/oz Au pit shell outlined in red (Note 1). Red
intervals on drillholes represent Au intercepts of greater than 0.20 g/t defined from current and historical drilling. Orange
dashed line represents area with additional resource expansion potential. To view image please click here
Figure 2 – Plan view map of Nutmeg Mountain with drill collar locations. Yellow line outlines the project boundary, with green
shading defining the unpatented Bureau of Land Management (“BLM”) claims that have been permitted through the Exploration
Notice. The remaining unshaded areas are patented claims and private leases which can be drilled under different guidelines.
Mineralization contained within the US$1500/oz Au pit shell is outlined in red (Note 1). To view image please click here
Figure 3 – Core Photos – NMD0003 from 31.7 meters to 34.4 meters (104 to 113 ft.), included in the zone
that assayed 13.4 meters at 2.32 g/t Au. To view image please click here
Figure 4 – Core Photos – NMD0003, hydrothermal vein-breccia that starts at 251.3 m (824.5 ft.), representing a possible feeder
structure and target for high-grade mineralization at depth. To view image please click here
Figure 5 – Core Photos – NMD0003, hydrothermal vein-breccia that starts at 469.1 m (1539 ft.), representing a possible feeder
structure and target for high-grade mineralization at depth. To view image please click here
Drillhole Orientation Details
Hole ID
Azimuth
degrees
Dip
degrees
Total Depth
feet
Total Depth
meters
NMD0001 95 55 157.5* 48.0*
NMD0001a 95 55 1498.5* 456.7*
NMD0002 85 45 587 178.9
NMD0003 130 70 1656.5 504.9
* Did not reach target depth.
Engagement of Marketing Consultant
The Company has entered into an agreement with Winning Media, LLC (“Winning Media”) to provide
strategic digital media and consulting services. The Company and Winning Media act at arm’s length.
Under the terms of the agreement, Winning Media will provide strategic digital media services including
marketing services, news dissemination, data analytics services, content development, media buying and
distribution, campaign reporting and optimization. The Company has agreed to pay Winning Media a total
initial cost of US$50,000 over an expected 3-month period.
Note 1: Nutmeg Mountain – 2020 Resource
On July 14, 2020, GoldMining Inc. (TSX:GOLD, NYSE:GLDG) (“GoldMining”) published an NI 43-101
technical report on the Project titled “Technical Report – Almaden Gold Property”, with an effective date
of April 1, 2020, which include s the following , and which NevGold is treating as a Historical Mineral
Resource Estimate:
Nutmeg Mountain – GoldMining 2020 Mineral Resource Estimate
Classification Cutoff Grade
Au g/tonne Tonnes Gold Grade
g/tonne Ounces Gold
Indicated 0.30 43,470,000 0.65 910,000
Inferred 0.30 9,150,000 0.56 160,000
Table 1: Mineral Resource from GoldMining’s NI 43-101 technical report filed on SEDAR on July 14, 2020
A Nevgold Q ualified Person has not done sufficient work to classify GoldMining’s Mineral Resource
Estimate as current mineral resources, and NevGold is not treating the estimate as current mineral resources
or mineral reserves.
ON BEHALF OF THE BOARD
“Signed”
Brandon Bonifacio, President & CEO
For further information, please contact Brandon Bonifacio at [email protected], call 604-337-
5033, or visit our website at www.nev-gold.com.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was
conducted under the supervision of the Company’s geologists and the chain of custody from the Project to
the independent sample preparation facility, American Assay Labs in Sparks, NV, was continuously
monitored. The samples were crushed, pulverized and sample pulps were analyzed using industry standard
fire assay methods. A blank and certified reference material was inserted approximately every 20th sample
and duplicates of coarse reject material was analyzed approximately every 20th sample. Data verification
of the analytical results included a statistical analysis of the standards and blanks that must pass certain
parameters for acceptance to ensure accurate and verifiable results.
Technical information contained in this news release has been reviewed and approved by Derick Unger,
CPG, the Company’s Vice President, Exploration, who is NevGold’s qualified person under National
Instrument 43-101 and responsible for technical matters of this release.
About the Company
NevGold is an exploration and development company targeting large-scale mineral systems in the proven
districts of Nevada, Idaho, and British Columbia. NevGold owns a 100% interest in the Limousine Butte
and Cedar Wash gold projects in Nevada, and the Ptarmigan silver-polymetallic project in Southeast BC,
and has an option to acquire 100% of the Nutmeg Mountain gold project in Idaho.
Please follow @NevGoldCorp on Twitter, Facebook, LinkedIn, Instagram, and YouTube.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward -looking statements that are based on the Company’s current expectations and
estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”,
“intend”, “believe”, “anticipate ”, “estimate”, “suggest”, “indicate” and other similar words or statements that
certain events or conditions “may” or “will” occur. Such forward -looking statements involve known and unknown
risks, uncertainties and other factors that could cause actual eve nts or results to differ materially from estimated or
anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement
speaks only as of the date on which it is made and, except as may be required by appl icable securities laws, the
Company disclaims any intent or obligation to update any forward -looking statement, whether as a result of new
information, future events or results or otherwise. Forward -looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty
therein.